US equities were little changed on Tuesday, with the Nasdaq Composite extending its run to a fresh record as investors shifted focus to upcoming inflation reports that could influence the Federal Reserve’s policy outlook.

The Dow Jones Industrial Average added 47 points, or 0.1%, while the S&P 500 gained 0.2%. The Nasdaq Composite also advanced 0.2%.

Nvidia traded marginally higher, while Apple shares were flat ahead of its closely watched annual event, where it is expected to unveil a new iPhone.

Broadcom and other chipmakers had powered the Nasdaq to an all-time high in the prior session, helping the index rise 0.5%. The S&P 500 climbed 0.2% on Monday, and the Dow gained more than 100 points.

Investors are bracing for the release of the August producer price index on Wednesday and the consumer price index on Thursday.

The data are likely to shape expectations heading into the Federal Reserve’s meeting next week.

A weak jobs report last week strengthened hopes that the central bank could move toward lowering rates, but stronger-than-expected inflation readings could complicate that outlook.

In company news, Fox shares dropped 6% after Lachlan Murdoch took control of the media group following a settlement of the Murdoch family trust dispute.

Dell Technologies fell 3% after Chief Financial Officer Yvonne McGill resigned, effective Tuesday. GameStop and Oracle are due to report earnings after the market close.

Key data ahead of the Fed meet

Investors will be closely watching U.S. inflation data on Thursday, the final major release before the Federal Reserve’s September 17 policy meeting.

Economists say the report will provide important clues on how tariffs are feeding through to consumer prices, but also note that structural shifts in housing and energy markets are likely to cap upside pressure.

Core goods, the segment most exposed to tariff-driven costs, account for just 19% of the inflation basket.

By contrast, housing makes up 33%, and recent data from Zillow and the Cleveland Fed suggest continued softening in both new tenant and existing rents.

Energy prices are also trending lower, while wage pressures—once a key driver of inflation’s surge to 9% in 2022—have eased considerably.

Consensus calls for a 0.3% month-on-month increase in both headline and core consumer price inflation.

Analysts argue that such a print would not prevent the Fed from proceeding with a 25-basis-point rate cut this month, given mounting evidence of cooling economic activity and a stalling labour market.

Attention will then shift to the University of Michigan’s consumer confidence index on Friday.

Sentiment is already at depressed levels, as households express concern about tariff-induced price increases eroding spending power and rising fears of joblessness.

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